The deal with Australian Wine Holdco Limited (AWL) involves total volumes of 10 million nine-litre cases, and includes seven wineries.

“This disposal will allow Pernod Ricard to further strengthen its premiumisation strategy and to direct its resources to its portfolio of premium international spirits and champagne brands that drive the growth of its business,” Pernod said in a statement.

The brands being sold include Jacob’s Creek in Australia, New Zealand’s Stoneleigh, and Campo Viejo and Ysios in Spain.

Pernod did not provide a breakdown of its sales or profits by division, though in April it reported that its Strategic Wines portfolio saw a like-for-like sales decline of nine percent, mainly driven by declines in the US and British markets.